New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-30
FRIES LEASE APPROVED.
IMPORTANT ACTION ON N. Y, P. AND O.
Rr.EIvcrIyG THE OLD DIRECT0Rs-No OPPOSITION


RE.rITCTIyG THE OLD DIRECTORS-N0 OPPOSITION
TO THE TICKET.
The annual meeting Of the stockholders Of the New
York Lake Eric and Western Railroad Company was
held yesterday. There opposition to tho reg
ular ticket which embraced all the names Of the old
Board of Directors, and IT elected as follows
John King John G.. Mccullough Ogden Mills, J. Low
Der Welsh, William Whitewright William a. Vince
lock Henry II. Cook, George W. Quintard, William
Libacy Cortlandt Parker, Morris X. Jesup. James j.
Goodwin, William b. DnSmore. William L. Strong,
william ~ Cnchrist Josiah Belden and Joseph Ogden
The vote was s3Oo4oOOO bonds and $4,000 600
stock Tho amendments made 10 the lease of the
New,York. PENNSYLVANIA and Ohio Railroad were ap
proved by tho adoption Of the following resolution :
Resolved That the agreement entered into between
this company and the New-Nork. Pennsy ania and
Ohio Tailroad Company. under date of April l. 1857
modifying and amending in various respects, the lease
The 10th day of APRIL 1883. be- and tho same is hero
by ssscntcd TO- confirmed and ratified and the action
~ Tho BOARD of Directors and officers of this company
In respect thereto hereby fnlly approx 3D. ard tho
arc authorized and rqucstcd to take such further
action as hcv NAV he advised IS necessary TO carry out
said agreement. according 10 It's terms.
The annual report of the company gives an au-
thoritative statement OF the essential points of the
notifications in the following language:
been had with the Ncw-yorh Pennsylvania and ohio
Railroad Company looking to revision and amend
oncratrs that road ard under which has been found
impossible 10 conduct us operation 70 ne tcsI az am
resulted In substantial amendments to the OLD lease
which Il IS believed. will lender the relations OF the
two comp3nies moro harmonious, and Will result in an
incrcaSrd revenue TO this company and AT the samc
time Will prove moro advantageous 10 the Ncw-i ork
pennsylvania ard Ohio Railroad Company also. The
most important amendment is In reference TO the pay
Uent of retail Under the old 10 isc this company re-
coIycd 6s per cent the earnings of the New
York Pennsylvania and Ohio road up to six million OF
dollars but after the gross earnings exceeded that
amount only 80 Icr cent. This has now been amend
ed so as TO provide that for every increase OF one
hnnrcd thousand dollars SIX millions In the gross
earnings this company shall pay 10 the lessor an adj
dtona OnNtenh of Jer cent of such gross earnings;
until the percentage paid to the Ohio Company shan
equal Is per cent after which the percentage does
not Increase but remains the same. no matter what
the gross earnings bH. that this company shall
never receive less than C6 23 per cent OF the gross
earnings compensation for condncting the operations
OF tho New York. Pennsylvania and Ohio Comnanys
road A provision has also been inserted providing
mont whom necessary. a want that has been much
felt during this last year
A review Of the financial results Of the year Will
be found in the financial column